BOE en la cuerda floja: Quinto recorte de tasas en medio de pico inflacionario en el Reino Unido

El Banco de Inglaterra juega con fuego mientras prepara su quinto movimiento de tasas este año.

Subheaders: La inflación muerde, el BOE reacciona (tarde, como siempre).

Mientras la economía británica patina, los halcones inflacionarios se frotan las manos. ¿Quinto recorte en 2025? Los mercados apuestan que sí - aunque el banco central insista en que 'todo está bajo control'. Clásico.

Cerramos con ironía financiera: Porque nada estimula más la economía que recortar tasas mientras los precios se disparan. Brillante estrategia, caballeros.

BoE faces mounting growth risks as job losses soar

Meanwhile, growth concerns have intensified following back-to-back contractions in the spring and rising unemployment tied to April’s payroll tax and minimum wage hikes. More than 180,000 jobs have been lost since Chancellor Rachel Reeves announced a £26 billion increase in employer national insurance contributions, pushing the unemployment rate to a four-year high.

The MPC is expected to highlight these labour market challenges in its updated projections. In May, it forecast growth of 1% in 2025 and 1.25% in 2026, though recent data suggests a potential upward revision after better-than-expected Q1 performance and an upgraded estimate for Q2 growth.

The decision is likely to expose divisions within the nine-member MPC. A Bloomberg survey suggests a three-way split: most members favouring a 25bp cut, two pushing for a larger 50bp move, and two likely to vote for no change. Pill and external member Catherine Mann, who opposed cuts in May, are expected to maintain their stance, while Swati Dhingra and Alan Taylor may advocate for a more aggressive reduction.

While today’s move is mostly priced in, traders will be watching closely for any change in forward guidance. Markets expect one more cut this year, likely in November, bringing the rate down to around 3.5% by 2026.

“The risks are tilted in a hawkish direction,” said Dan Hanson, Chief UK Economist at Bloomberg Economics. “The committee may signal it’s rethinking its once-a-quarter pace, implying a November cut isn’t guaranteed.”

BoE reconsiders bond sales strategy as long-dated gilt yields surge

Attention is also turning to the BoE’s balance sheet reduction strategy. Quantitative tightening (QT) has already reduced bond holdings by about £100 billion annually, but market strain—especially in long-dated gilts—has sparked speculation that the BoE could slow or shift the pace of sales.

Governor Bailey has recently flagged concerns over rising 30-year gilt yields, reaching levels last seen in the late 1990s. A pivot toward shorter-dated debt or a reduced pace of active sales (currently expected at £26 billion a year) may be under consideration ahead of the BoE’s September QT update.

According to Sanjay Raja, Chief UK Economist at Deutsche Bank, a signal acknowledging long-end liquidity issues could foreshadow changes in the BoE’s sales strategy.

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